Entegris, Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Entegris remains a hold as the semiconductor upcycle accelerates but valuation has stretched further.
Q2 2026 revenue of $883.2M grew 11.5% YoY with EPS of $0.61 beating estimates by 13.1%, and FY2025 operating margin expanded to 28.9% from 16.5% in FY2024, confirming operating leverage as volumes recover. However, at $165.79 the stock trades at 82.9x trailing earnings versus a peer median of 47.2x—a 75.8% premium—and 7.60x sales versus a peer median of 3.17x, pricing in sustained double-digit growth despite FY2025 full-year revenue still declining 1.4%. Insiders have been net sellers ($53.7M net disposition over 24 months with zero open-market acquisitions), and with RSI at 65.2 the stock is approaching overbought territory ahead of Q3 2026 earnings on October 29.
What could go wrong
- Valuation compression. At 82.9x PE versus peer median 47.2x (75.8% premium) and 7.60x PS versus 3.17x (140% premium), any disappointment in Q3 2026 results or guidance could trigger a sharp de-rating.
- Insider selling persistence. Over 24 months insiders have net sold 432,460 shares worth $53.7M with zero open-market acquisitions; continued selling into strength signals limited insider confidence at current prices.
- Leverage and below-line drag. Total debt of $3.89B against FY2025 net income of $235.6M creates a wide gap between the 28.9% operating margin and 7.4% net margin, making earnings sensitive to interest costs.
- Cyclical reversal. Semiconductor equipment and materials stocks are highly cyclical; FY2025 revenue still declined 1.4% YoY and any AI-driven capex slowdown could reverse the quarterly acceleration seen in Q1–Q2 2026.
What would change my mind
Where this comes from: results, quarter to 27 Jun · earnings vs estimates, 4 Aug · FY24 and FY25 fundamentals · FY25 fundamentals. Orin's read on ENTG; not advice.
How has the share price moved?
Up 59.1% over twelve months, from $94.32 on 27 Oct 2025 to $150.10 at the Tue 27 Oct 2026 close. Its highest close in that time was $184.00 on 22 Jun 2026; the last close is 18.4% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 7.1M, on 10 Feb 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All ENTG filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $3.7B | 0.1% |
| T. Rowe Price Associates | $2.3B | 0.2% |
| Capital Research Global Investors | $2.0B | 0.3% |
| Vanguard Portfolio Management | $1.4B | 0.1% |
| Vanguard Capital Management | $1.2B | 0.0% |
| Invesco | $1.0B | 0.1% |
| State Street | $993.4M | 0.0% |
| JPMorgan Chase | $944.2M | 0.1% |
| Geode Capital Management | $537.6M | 0.0% |
| Bank of America | $489.4M | 0.0% |
82 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 215 Form 4 filings; open-market trades net −$53.7M. Of the 50 on hand, 0 were open-market purchases and 15 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about ENTG
Orin answers questions about ENTG from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 75.0× its last 12 months of profit (Tue 27 Oct close) — higher than in 4 of its last 5 fiscal years (middle 51.1×); the typical Technology company on the NASDAQ is at 46.1×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 75.0×above usual | 51.1× | 46.1× |
| P/S | 6.90×above usual | 4.61× | — |
| EV/EBITDA | 29.7×above usual | 20.4× | — |
| P/B | 5.5×above usual | 4.1× | — |
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $187 (from $115 to $215) — 24% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$187
$115 – $215 · +24% against the last close
- 8 buy or overweight
- 1 hold
- 1 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 75.0× its last 12 months of profit; the middle P/E of the 7 companies it is compared to that made a profit is 41.4×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| ENTGEntegris, Inc. | $23B | 75.0× | 29.7× | 45.5% | 9.2% | 8% |
| ACLSAxcelis Technologies, Inc. | $3B | 26.5× | 19.4× | 42.8% | 11.7% | 10% |
| ASYSAmtech Systems, Inc. | $235M | 49.2× | 19.9× | 46.9% | 4.2% | 5% |
| ESIElement Solutions Inc | $9B | 41.4× | 22.3× | 36.6% | 5.9% | 7% |
| ICHRIchor Holdings, Ltd. | $2B | lost money | 227× | 10.1% | −4.0% | −6% |
| MKSIMKS Inc. | $12B | 19.8× | 12.6× | 44.7% | 12.6% | 20% |
| MTRNMaterion Corporation | $4B | 35.9× | 19.2× | 15.7% | 4.6% | 11% |
| UCTTUltra Clean Holdings, Inc. | $2B | 88.8× | 17.4× | 16.1% | 1.1% | 4% |
| VECOVeeco Instruments Inc. | $2B | 78.6× | 39.8× | 37.4% | 3.6% | 3% |
- ICHR: lost money over the last 12 months, so no P/E.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 75.0× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now75.0×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Technology companies on the NASDAQ were priced at a typical 46.1× their yearly profit (Tue 27 Oct close).
- Now46.1×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $36 a share — 76% below the $149.78 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $36 | 76% below $149.78 |
| Levered | $26 | 83% below $149.78 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.